Financial Times:
"Apollo Global Management has amassed a short position against the debt of a US automotive parts supplier that has come under scrutiny for its accounting policies and financing techniques. Apollo holds a credit default swap against First Brands Group, according to five people familiar with the matter, an Ohio-based seller of windscreen wipers and fuel pumps that last month shelved a $6bn loan deal because of concerns about its financial reporting. The derivative contract means that Apollo will profit if FBG fails to continue paying its debts. The trade has pitted one of the largest private credit specialists on Wall Street, with $840bn in assets, against a company that has borrowed billions of dollars away from the glare of public debt markets. In order to short FBG’s private debt, Apollo obtained a so-called “bespoke” contract written against the company’s loans, according to people familiar with the trade. They added that the firm had held the position for at least as long as a year and had paid a significant amount in fees to maintain the short". Link to article >>> https://lnkd.in/ejCPZSsY
The Fed is in command
1. Stocks: all-time high, 2. Home Prices: all-time high, 3. Bitcoin: all-time high, 4. Gold: all-time high, 5. Money Supply: all-time high, 6. National Debt: all-time high, 7. CPI Inflation: 4% per year since Jan 2020, 2x the Fed's "target", 8. Fed: cutting interest rates next week. Source: Charlie Bilello
Apple Launches New $1k Phone – You Buying?
Apple’s live product event delivered the usual fanfare with updates to iPhones, AirPods, and Watches. The spotlight, however, was on the iPhone Air, Apple’s thinnest phone yet, built with titanium and ceramic and powered by the new A19 chip. Despite the buzz, markets were unimpressed: $AAPL closed down 1.48%, the only Mag 7 stock in the red on Tuesday.
‼️Hedge funds are shorting the S&P 500 futures at nearly a RECORD pace
Hedgefunds short exposure to the S&P 500 futures hit $180 BILLION, an all-time high. As a share of open interest, shorts hit ~27%, the highest in 2.5 years, only below March 2023 and September 2022. Source: Global Markets Investor
Revolut employees are in line for big windfalls as the UK’s most valuable fintech allows staff to sell down their holdings in the company at a $75bn valuation
Revolut told staff on Monday that they would be allowed to sell up to 20 per cent of their shares to make way for other investors, according to people with knowledge of the matter and a document seen by the Financial Times. Source: FT https://lnkd.in/eRpjTMad
All major markets became more expensive last 12 months, US saw LEAST valuation increase MOST earnings growth
Source: Blackrock
This is BCA's "Chart Of The Week": Has momentum turned in equities?
Two momentum signals: 1) Value vs. Growth just flipped positive for the first time since mid-2024. 2) Small vs. Large has been rising since late 2024. BCA team noted this rare alignment has historically fueled multi-quarter cyclical outperformance. Source: BCA
Best performing SP500 stocks ytd
Source: Shiny Stocks ⚒️ @shinystocks on X
